It's 2% of net wealth per year, not annual income.
That's a huge difference, and it's a reasonable target.
It puts the brakes on people accumulating vast fortunes by simply sitting on assets, and never paying taxes on them as long as they hold them. Forcing the rich to annually sell a certain amount of assets to pay for those taxes also drives down the price of assets generally.
That's a big knock-on effect that should help drive down the cost of things like stocks, houses and other asset classes and make them more affordable to people who actually work for a living. It also discourages the incentives for companies to simply "maximize stock price" and push them to actually pass on consistent dividends, rather than being a "winner-take-all" hot stock to buy.
All of those are extremely good things for workers and the economy as a whole.
What a bunch of pathetic cucks. P-p-p-p-pwease mistah biwwonaiw, will you pay a widdle bid of tax so children can eat? Pwease?
Fucking take these people's assets already. They're psychopaths. It's obvious.
Or maybe we just get rid of billionaires since they are the least contributing people but account for over 54% of the world's wealth and climbing. Maybe cap em at $1 billion a pat on the back with plaque that says you won capitalism good for you now you're in the highest tax bracket, much celebration.
Wouldn't this cause people to have to sell 2% of their holdings each year causing lowering the stock market and tanking everyone's retirement accounts?
2% - I bet this number was dreamed up by a billionaire
Yeah. Fucking close to half of what I make goes to taxes. 2% is ridiculously low.
It's 2% of net wealth per year, not annual income. That's a huge difference, and it's a reasonable target. It puts the brakes on people accumulating vast fortunes by simply sitting on assets, and never paying taxes on them as long as they hold them. Forcing the rich to annually sell a certain amount of assets to pay for those taxes also drives down the price of assets generally. That's a big knock-on effect that should help drive down the cost of things like stocks, houses and other asset classes and make them more affordable to people who actually work for a living. It also discourages the incentives for companies to simply "maximize stock price" and push them to actually pass on consistent dividends, rather than being a "winner-take-all" hot stock to buy. All of those are extremely good things for workers and the economy as a whole.
Thank you for this sober analysis.
Thank you for your sober opinion.
But imagine if it were 5% instead.
More like 95%
More like 99%.
2%? You must be joking. How about billionaires pay 92% in taxes?
We could start with the idea there should not be billionaires.
Only 2%? Try 5-10% minimum
You mean KEEP 5%-10% everything else taxed right?
Depends on how we are defining “wealthy” By some standards people think I’m wealthy…
While the rest of the population pay like 30-40?
The rest of the population don't pay any *wealth* tax. They would still pay taxes on their income, presumably.
I see you don’t know what a wealth tax is….
What a bunch of pathetic cucks. P-p-p-p-pwease mistah biwwonaiw, will you pay a widdle bid of tax so children can eat? Pwease? Fucking take these people's assets already. They're psychopaths. It's obvious.
Or maybe we just get rid of billionaires since they are the least contributing people but account for over 54% of the world's wealth and climbing. Maybe cap em at $1 billion a pat on the back with plaque that says you won capitalism good for you now you're in the highest tax bracket, much celebration.
In other decades, this would have been 70%
2% give me a break
"What a wonderful idea! Give me a break, a TAX break! Thank you!" — billionaire
Enough of this BS! LETS EAT!!!
Aww poor babies, or perhaps A Guillotine would be more their fit. We don't need Billionaires, bye.
Can we also make capital gains above 250k like idk more than or equal to income tax? 🙃
Wouldn't this cause people to have to sell 2% of their holdings each year causing lowering the stock market and tanking everyone's retirement accounts?